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Home sales, prices higher in April from year before

Single-family properties still seem to have hit a ceiling, price-wise, in new data
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While prices for single-family homes seem to have hit a ceiling in Arlington, those for townhouses and condominiums continue to push higher, according to new data.

A total of 242 properties went to closing countywide in April, according to figures reported May 10 by Bright MLS based on data from MarketStats by ShowingTime. That’s up 13.6 percent from the 213 sales recorded in April 2023.

(The increase in sales is a positive sign, but may simply be an issue related to dates for closing, as year-over-year sales in March had been down about 11% from a year before, and pending sales reported for April, which typically will become move into the sold category a month or two later, also were down.)

The average sales price for all properties that sold for the month was $913,610, up 9.1 percent from a year before.

The increase came in spite of two factors: 

• The average sales price for single-family homes, while up from March, declined 3.5 percent from a year before to just over $1.4 million, and

• Single-family homes represented a smaller market share in April 2024 than they did in April 2023, declining from 37.6 percent to 34.7 percent.

But other segments of the markets more than made up for it, with the average sales price of attached homes (townhouses, rowhouses and condominiums) rising 21.4 percent to $617,685 and the average sales price in the condo-only sector rising 22.7 percent to $543,521. Both averages were fueled by several high-price condo sales.

A total of 89 properties went to closing for more than $1 million with seven (including two condos) for more than $2.5 million.

Add up the sales and prices, and total market volume for the month stood at about $218.6 million, an increase of nearly 24 percent from a year before.

Home-sellers received an average of 100.2 percent of listing price, up from 99.4 percent a year before. Homes stayed on the market for an average of 22 days, down from 32 a year before.

Figures represent most, but not all, homes on the market. All April 2024 figures are preliminary and are subject to revision.